School of Economics and Finance · Te Kura Ohaoha Pūtea: Working Paper Series: Recent submissions

  • Do medical marijuana laws increase hard drug use? 
    Chu, Yu-Wei Luke (Te Herenga Waka—Victoria University of Wellington, 2014)
    Medical marijuana laws generate significant policy debates regarding drug policy. In particular, if marijuana is a complement or a gateway drug to hard drugs, these laws would increase not only the usage of marijuana but ...
  • Consistent estimation of breakpoints in time series, with application to wavelet analysis of Citigroup returns 
    Roberts, Leigh (Te Herenga Waka—Victoria University of Wellington, 2014)
    Simple and intuitive non-parametric methods are provided for estimating variance change points for time series data. Only slight alterations to existing open-source computer code applying CUSUM methods for estimating ...
  • Natural disasters and firms in Vietnam 
    Vu, Tam Bang; Noy, Ilan (Te Herenga Waka—Victoria University of Wellington, 2013)
    This paper investigates the consequences of natural disasters on firms in Vietnam over the period 2000 to 2008. We examine the impacts of natural disasters on firm investment and retail sales. We find evidence of adverse ...
  • Where is the money? Post-disaster foreign aid flows 
    Becerra, Oscar; Cavallo, Eduardo; Noy, Ilan (Te Herenga Waka—Victoria University of Wellington, 2013)
    We describe the flows of aid after large catastrophic natural disasters by using the extensive record of bilateral aid flows, by aid sector, available through the OECD’s Development Assistance Committee. For each large ...
  • Banking crises, sudden stops, and the effectiveness of short-term lending 
    Chang, Chia-Ying (Te Herenga Waka—Victoria University of Wellington, 2013)
    This paper sheds light on the linkages between banking crises and sudden stops and discusses the effectiveness of short-run lending in their prevention. It develops an overlapping generations framework and incorporates the ...
  • Capital controls, capital flows, and banking crises 
    Chang, Chia-Ying (Te Herenga Waka—Victoria University of Wellington, 2013)
    Capital controls have been adopted by emerging economies to change the volume and the composition of capital flows and to protect the economy from sudden stops. The effectiveness measured by empirical studies has remained ...
  • Poverty, inequality and natural disasters – A survey 
    Noy, Ilan; Karim, Azreen (Te Herenga Waka—Victoria University of Wellington, 2013)
    The last few years have seen an explosion of economic research on the consequences of natural disasters. This new interest is attributable first and foremost to a growing awareness of the potentially catastrophic nature ...
  • Sensitivity of cautious-relaxed investment policies to target variation 
    Foster, Jarred; Krawczyk, Jacek B (Te Herenga Waka—Victoria University of Wellington, 2013)
    This study builds on recent findings that target-based utility measures, used in the dynamic portfolio optimisation, deliver investment policies that can generate leftskewed payoff distributions. These policies can lead ...
  • Regional Effects of Natural Disasters in China 
    Vu, Tam Bang; Noy, Ilan (Te Herenga Waka—Victoria University of Wellington, 2013)
    We examine the effects of natural disasters on income and investment in China. Using detailed macroeconomic province-level data and their history of disaster exposure over the past two decades, and after accounting for ...
  • Public and private saving and the long shadow of macroeconomic shocks 
    Aizenman, Joshua; Noy, Ilan (Te Herenga Waka—Victoria University of Wellington, 2013)
    The global crisis of 2008-9 and the ongoing Euro crisis raise many questions regarding the long-term response to crises. We know that households that lost access to credit, for example, were forced to adjust and increase ...
  • The short-run nationwide Macroeconomic effects of the Canterbury earthquakes 
    Doyle, Lisa; Noy, Ilan (Te Herenga Waka—Victoria University of Wellington, 2013)
    We examine the short-run impact of the Canterbury earthquakes (4/9/2010, and 22/2/2011) on the New Zealand economy using VAR macro-models. Maybe surprisingly, we find little evidence of a pronounced impact on the aggregate ...
  • Macroeconomic adjustment and the history of crises in open economies 
    Aizenman, Joshua; Noy, Ilan (Te Herenga Waka—Victoria University of Wellington, 2012)
    This paper investigates the impact of the history of crises on macroeconomic performance. We first study the impact of past banking crises on the probability of a future banking crisis. Applying data for 1980-2010 for all ...
  • Capital Controls in Brazil: Stemming a Tide with a Signal? 
    Jinjarak, Y; Noy, I; Zheng, H (Te Herenga Waka—Victoria University of Wellington, 2012)
    Controls on capital inflows have been experiencing a period akin to a renaissance since the beginning of the global financial crisis in 2008, with several prominent countries choosing to impose controls; e.g., Thailand, ...
  • Investing in Disaster Risk Reduction: A Global Fund 
    Noy, I (Te Herenga Waka—Victoria University of Wellington, 2012)
    I focus on three issues that are, in my view, the most pertinent to addressing the need to deal with catastrophic, low-probability storms and earthquakes (most likely to occur in Asia and/or the Caribbean): (1) the large ...
  • The 1960 Tsunami in Hawaii: Long Term Consequences of a Coastal Disaster 
    Lynham, J; Noy, I; Page, J (Te Herenga Waka—Victoria University of Wellington, 2012)
    Research on the economic and human toll of natural disasters focuses on the short-term, often ignoring the important long-term impacts of these catastrophic events. The main reason for the lack of empirical research on the ...
  • Stylised facts for New Zealand business cycles: A post-1987 perspective 
    McKelvie, S.; Hall, Viv B. (Te Herenga Waka—Victoria University of Wellington, 2012)
    Key features of NZ business cycles were established for the period 1966q4 to 1990q1 by Kim, Buckle and Hall (1994) (KBH), but the conduct of fiscal, monetary and labour market policy and the behaviour of New Zealand's ...
  • Behavioural economics perspectives: Implications for policy and financial literacy 
    Altman, Morris (Te Herenga Waka—Victoria University of Wellington, 2012)
    This paper summarizes and highlights different approaches to behavioural economics. It includes a discussion of the differences between the “old” behavioural economics school, led by scholars like Herbert Simon, and the ...
  • Fire-Sale FDI? The impact of financial crises on foreign direct investment 
    Bogach, Olga; Noy, Ilan (Te Herenga Waka—Victoria University of Wellington, 2012)
    In this paper, we analyze the evolution of foreign direct investment (FDI) inflows to developing and emerging countries around financial crises. We empirically and thoroughly examine the Fire‐Sale FDI hypothesis and describe ...
  • Natural disasters and economic policy for the Pacific Rim 
    Noy, Ilan (Te Herenga Waka—Victoria University of Wellington, 2012)
    I employ a typology of disaster impacts that distinguishes between direct and indirect damages. Direct damages are the damage to fixed assets and capital (including inventories), damages to raw materials and extractable ...
  • What happened to Kobe? A reassessment of the impact of the 1995 earthquake in Japan 
    duPont IV, William; Noy, Ilan (Te Herenga Waka—Victoria University of Wellington, 2012)
    The received wisdom is that the devastation wrought by the 1995 Kobe earthquake did not have any long‐term impact on the Japanese economy, nor much impact on Kobe itself. We re‐evaluate the evidence using a new methodology, ...

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